Prudential
Settlement of In re Prudential Financial, Inc. Securities Litigation,
No. 2:19-cv-20839-SRC-CLW
The parties have reached a settlement of this action, pending in the United States District Court for the District of New Jersey. The settlement provides for the payment of $35 million for the benefit of eligible Settlement Class Members. Plaintiff City of Warren Police and Fire Retirement System alleged that Prudential Financial, Inc. (“Prudential”) and its executives made false and misleading statements in violation of the federal securities laws concerning its insurance reserves and mortality experience in its Individual Life business.
The Settlement Class consists of all Persons who purchased Prudential common stock between June 5, 2019 and August 2, 2019, inclusive. Excluded from the Settlement Class are: (i) Defendants and the Dismissed Defendants and members of their immediate families; (ii) the current and former officers and directors of Prudential and members of their immediate families; (iii) Prudential’s subsidiaries and affiliates or other entities owned or controlled by it; (iv) any entity in which any Defendant or Dismissed Defendant has a controlling interest; (v) the legal representatives, heirs, successors, administrators, executors, and assigns of each Defendant and Dismissed Defendant; and (vi) any Persons who properly excluded themselves by submitting a valid and timely exclusion. To the extent any Prudential employee benefit plan receives a distribution from the Net Settlement Fund, no portion shall be allocated to any person or entity who is excluded from the Settlement Class by definition.
The settlement was approved by the Court on June 13, 2024.
If you have any questions about the settlement or the litigation, please contact the Shareholder Relations Department at 1-800-449-4900.
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